Retained automobile

[jimbo]

I retained one of my vehicles rather than reaffirm. Can I later surrender the vehicle without any major issues if I need to? I am a little concerned about my financials post BK and may have to give up the vehicle. I have already had my 341 and my next step is due on 1/2/06. Thoughts, advice?

[AAAArt]

I assume that you had your 341 on 11/2, less than two weeks ago. Personally, I woul feel more comfortable now making any changes til after discharge.
Legally, the Trustee is to be notified of any major changes in your financial situation, however many people still find themselves living in the "red" even after Bk due to student loans, medical expenses, too much house, car, etc. If it's still a true picture that you NEED to get rid of this vehicle to make expenses, then i would not see any problem that the trustee would protest.
When you say that you retained, rather than re-affirmed...did you list the payment in your expenses?
Good question and one which many may have to deal with. I'll be looking forward to responses. Art

[Minnymouth]

Did you retain or go thru 722 redemption? You said you did not reaffirm so that means you never signed any papers to keep the vehicle. Right??
If the vehicle continues to create financial problems your best bet would be to downsize with your range till things are going better for you. Hate to do things like that, but sometimes its necessary for a good outcome.

Minny

[jimbo]

I assume that you had your 341 on 11/2, less than two weeks ago. Personally, I woul feel more comfortable now making any changes til after discharge.
Legally, the Trustee is to be notified of any major changes in your financial situation, however many people still find themselves living in the "red" even after Bk due to student loans, medical expenses, too much house, car, etc. If it's still a true picture that you NEED to get rid of this vehicle to make expenses, then i would not see any problem that the trustee would protest.
When you say that you retained, rather than re-affirmed...did you list the payment in your expenses?
Good question and one which many may have to deal with. I'll be looking forward to responses. Art

Actually, we had our 341 on 11/1. ;) Good guess though. We did list the payment on our expenses. So, if I understand correctly, waiting until after discharge and seeing what our financial position looks like post BK would be my best option. I did not sign any reafirmation papers to keep the car. Then, since I am not under contract, I could basically surrender at any time. That's kinda right in line with what I was thinking.

[jimbo]

Did you retain or go thru 722 redemption? You said you did not reaffirm so that means you never signed any papers to keep the vehicle. Right??
If the vehicle continues to create financial problems your best bet would be to downsize with your range till things are going better for you. Hate to do things like that, but sometimes its necessary for a good outcome.

Minny

Hi Minny,

I am in Kentucky also. I filed in West Virginia since I work in WV but live in KY. I called 722 redemption funding and they do not do business in WV. You are correct, I did not sign any papers to keep the vehicle other than listing my intention to retain on the schedule of intent.